MercoPress. South Atlantic News Agency
Argentine tax office requests arrest of US company directors for 'fraudulent bankrupcy'
Argentina's tax office, AFIP, Federal Public Incomes Administration president Ricardo Echegaray announced it had requested the arrest of the Donnelley board of directors for what he called “playing a trick and inventing a fraudulent bankruptcy” for the printing plant located in Buenos Aires province. Read full article
Comments
Disclaimer & comment rulesSo which is it?
Aug 26th, 2014 - 08:46 am - Link - Report abuse 0A fraudulent bankruptcy or “we are still waiting for a decision over the company's productive continuance”.
Seems that they want to arrest someone even before anyone has worked out if it is indeed fraudulent.
Either way, the company is closing.
Can you imagine this happening in a legitimate country? Remember me saying the 1st thing I would have done was get the US executives out before the announcement was put up?
Aug 26th, 2014 - 09:18 am - Link - Report abuse 0Now you know why
It just makes the Rgs looks so ridiculous to the rest of the world.
I guess they have no idea.
Crazy is the norm there
Just so I'm sure I understand this - is Argentina demanding the USA extradites the entire board of directors of Donnelly?
Aug 26th, 2014 - 09:21 am - Link - Report abuse 0http://globenewswire.com/news-release/2014/08/16/659154/10094988/en/RR-Donnelley-Letter-Regarding-the-Bankruptcy-of-R-R-Donnelley-Argentina-S-A.html?print=1
Aug 26th, 2014 - 09:25 am - Link - Report abuse 0Witch hunt. Kirchner's failure to accept responsibility for her own stupid policies.
Does anyone know if any of the board of directors are in Argentina?
Aug 26th, 2014 - 09:59 am - Link - Report abuse 0What could possibly happen? I somehow don't think that the US will be extraditing anyone to Argentina over this matter.
I'm pretty sure that any extradition hearing would have many of the comments by members of the Argentina government about the US justice system, presented as evidence of the partiality of expected justice within Argentina.
Anyone who's lived in Argentina for any amount of time, like the US execs of RRD knew to get out quickly.
Aug 26th, 2014 - 10:10 am - Link - Report abuse 0There's probably some Rg gov't officials already living in their abandoned houses.
Every Int'l company has xferred out anything of value there's nothing left but old equipment and buildings they've already written off.
If I owned a company there I would burn down the building when I left so they couldn't get their grubby thieving hands on anything.
but that's me
The unions, opposition parties and the media are all funded by the vulture funds.
Aug 26th, 2014 - 10:46 am - Link - Report abuse 0http://www.americaeconomica.com/argentina/18883/fondos-buitres-sindicatos-argentina.html
Damn........these have to be the most paranoid group of people the mental health industry has ever seen. Everyone is an enemy.....
Aug 26th, 2014 - 11:36 am - Link - Report abuse 0They must play the game.....pin the tail on our enemy. If it's Tuesday....XXX must be our enemy.
So who are they going to arrest and send the AFIP-SS after for the closings of all the businesses in this country as a direct result of the government's interference in business? In the paper today...IMPSA is laying off 215 people. Take a walk down the main street of Mendoza and take a look at the closed businesses. The wine industry is on the verge of collapse. All of this is the fault of cfk and her socialist-venecuba policies. She is the one who should be in prison.
Aug 26th, 2014 - 11:39 am - Link - Report abuse 0Capitanich confirms closure of BONY branch in Argentina.
Aug 26th, 2014 - 12:24 pm - Link - Report abuse 0http://www.urgente24.com/230158-capitanich-confirma-que-cerraron-la-sucursal-del-bony-en-argentina
10. The BONY “branch” in BA consisted of 2 employees. It won't mean anything to BONY but it does enshrine the pariah state of Argentina and further isolates them from the world's financial centers.
Aug 26th, 2014 - 01:14 pm - Link - Report abuse 0I've said many times cornered animals lash out at everything and are dangerous and unpredictable.
I think CFK and minions are feeling very cornered right now.
Especially since the BCRA funds are dropping like a rock.
On a technical note - if Argentina plan to start paying bondholders through an Argentine bank are they going to demand their cash back from BoNY in order to pay any daft enough to accept the offer?
Aug 26th, 2014 - 01:44 pm - Link - Report abuse 0@5. Can't imagine the U.S. arresting anyone. The first question will probably be as to how much of the AFIP “evidence” is fabricated. Can't find any mention of R R Donnelley being connected to Elliott Management. A letter from RR Donnelley http://investor.rrd.com/releasedetail.cfm?ReleaseID=866592
Aug 26th, 2014 - 03:57 pm - Link - Report abuse 0@6. Wouldn't a print, digital and supply chain company have energy interests?
@7. Course they are!
@12. Can't see how. Didn't argieland say it had paid the bondholders? Now's the time for Judge Griesa to stick to the letter of what was said. The money can't go back unless the Judge authorises it. And didn't the court order that the holdouts had to be paid at the same time? In order to maintain control over his original order, the Judge has to keep any argie money where he can control its disbursement. The money is also proof that argieland is in contempt. I would think that the Judge will simply point at various things and call them evidence of argieland attempting to evade the court's order. Contempt! How much was it? US$539 million? I reckon argieland is going to have to find the money again. Then, in the interests of “equity”, the Judge can hand US$539 million to the hedge funds. Argieland still in contempt though!
@13 it isn't even a link on that level. RR D is owned 7% by Blackrock and they are basically saying that Blackrock is a mate of Singer so this is all a conspiracy. Even that on insolvency, equity generally loses everything, I can't see how they can say that anyone with equity benefits. If you were a note holder and your position in the capital stack filpped on insolvency then maybe but that is not happening here. This is just state sponsored bullying...
Aug 26th, 2014 - 04:10 pm - Link - Report abuse 0Where has the company's sacred right to shut down, gone to ?? CFK pretends to be concerned about the 400 jobs that are threatened (already lost) but she refuses to take responsibility for loss of millions of jobs her wrong policies have caused...just a diversionary tactic.
Aug 26th, 2014 - 04:19 pm - Link - Report abuse 0Who remembers the old punch line to a joke “it's the way I tell'em”
Aug 26th, 2014 - 05:21 pm - Link - Report abuse 0The argie equavalent is “we ask to arrest the directors” and everybody outside of SA laughs their heads off.
Dear me, stupid or what?
There's a very dangerous combination going on, rapidly decreasing SOY and rapidly depreciating Peso.
Aug 26th, 2014 - 06:27 pm - Link - Report abuse 0One might think it could very well be unprofitable to plant anything next year.
Maduro Jr. (yes, son of THAT Maduro) came to Argentina to “train” the Kirchnerist national deputies and tell them his country's experience with the Fair Prices law.
Aug 26th, 2014 - 06:44 pm - Link - Report abuse 0fortunaweb.com.ar/2014-08-26-145567-maduro-jr-entrena-diputados-nacionales/
HOLY SH!T!
@16 ChrisR
Aug 26th, 2014 - 07:03 pm - Link - Report abuse 0It was Frank Carson who used to say that...he was one bloody hilarious character !
@19
Aug 26th, 2014 - 08:09 pm - Link - Report abuse 0“That's a cracka!!!”
Of course Donelley is closely connected to NML Capital.
Aug 26th, 2014 - 09:22 pm - Link - Report abuse 018 years ago NML sent a letter to Donelley complaining of the low quality print on a batch of envelopes, so there ... what more do you need as proof?
@ 19 & @ 20
Aug 26th, 2014 - 10:06 pm - Link - Report abuse 0Here's Frank at 84.
https://www.youtube.com/watch?v=ZmM6bg4xZWo
R.R. Donnelley Argentina, S. A. filed for bankruptcy.
Aug 26th, 2014 - 11:29 pm - Link - Report abuse 0RRD ( Chicago, IL, U.S.A.) has $3.6 billion cash on hand.
eChe, do you really think that they are concerned about anything that you might do? Please confiscate the plant! They'll use it as a set off against U.S. taxes. Game over.
ng. lol. RRD -U.S.A. had $3.6 billion on hand a couple of months ago.
Meanwhile, in a parell universe, across the Andes, RR Donnelley is the major Chilean printing company, with two facility plants and 600 workers.
Aug 27th, 2014 - 01:31 am - Link - Report abuse 0Chile is less than half the size of Argentina and prints less gossip magazines... So why is their sister company in bankruptcy? Do you think it's because of the insane labor laws, uncooperative unions, government corruption, unstable currency and exchange laws......?
...or maybe it's a plot by vultures against Cristina...
@24 Chicureo
Aug 27th, 2014 - 05:14 am - Link - Report abuse 0Surely as you clearly are a keen observer of events in Argentina you will be aware that they are never to blame for their own calamities - everybody else to blame!
Quick Chritina, get the Guards on the Ecudorian Embassy, you do not want these criminals evading justice in there, now do you?
Aug 27th, 2014 - 05:43 am - Link - Report abuse 0You know how passionate theses Ecudorians are on Human Rights? They might see it as their duty to help these terrorists, whoops sorry, they are not terrorists today! These criminals.
A short-sighted, cynical, purely political move - not even really trying to maintain the illusion of an independent tax office - and rather nasty besides. If this also an attempt to de-feather the vultures, it is doomed to failure. It just makes them look more powerful.
Aug 27th, 2014 - 08:34 am - Link - Report abuse 0With inflation the way it is and the ever growing demand for more and more banknotes, I would have thought a printing company would be among the few businesses left in Argentina that would be guaranteed to make a profit.
Aug 28th, 2014 - 09:31 am - Link - Report abuse 0No followuo to this story? No Interpol warrants? No demands the UN send in the troops searching for the scalawags?
Aug 28th, 2014 - 02:21 pm - Link - Report abuse 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!